a company had net sales of $386,000 and cost of goods sold of $218,000. its gross profit equals $168,000…
a company had net sales of $386,000 and cost of goods sold of $218,000. its gross profit equals $168,000. true or false true false
Answer
Explanation:
Step1: Recall the formula for gross profit
Gross profit = Net sales - Cost of goods sold.
Step2: Substitute the given values into the formula
Given net sales = $386,000 and cost of goods sold = $218,000. So, gross profit = $386,000 - $218,000.
Step3: Calculate the result
$386,000 - $218,000 = $168,000.
Answer:
True